Insight Enterprises Inc (NSIT) 2025 Q3 法說會逐字稿

Good morning and thank you for joining us at the Insight Enterprises Third quarter 2025 Operating results call. My name is (Inaudible), (Operator Instruction). I'd now like to hand over to our host, Ryan Miyasato.

早安，感謝各位參加 Insight Enterprises 2025 年第三季營運業績電話會議。我的名字是（聽不清楚），（操作說明）。現在我將把麥克風交給我們的主持人，Ryan Miyasato。

Welcome everyone, and thank you for joining the Insight Enterprises earnings conference call. Today we will be discussing the company's operating results for the quarter ended September 30, 2025. I'm Ryan Miyasato, Investor Relations Director of Insight, and joining me is Joyce Mullen, President and Chief Executive Officer, and James A. Morgado, Chief Financial Officer. If you do not have a copy of their earnings release or the accompanying slide presentation that was posted this morning and filed with the Securities and Exchange Commission on Form-8K, you'll find it on our website at insight.com under the Investor Relations section. Today's call, including the question-and-answer period, is being webcast live and can also be accessed via the investor relations page of our website at insight.com. An archived copy of the conference call will be available approximately 2 hours after completion of the call and will remain on our website for a limited time.

歡迎各位參加 Insight Enterprises 的財報電話會議，感謝各位的參與。今天我們將討論公司截至 2025 年 9 月 30 日的季度經營業績。我是 Insight 的投資者關係總監 Ryan Miyasato，與我一起的是總裁兼執行長 Joyce Mullen 和財務長 James A. Morgado。如果您沒有他們今天早上發布的盈利報告或隨附的幻燈片演示文稿（該報告已以 8K 表格的形式提交給美國證券交易委員會），您可以在我們的網站 insight.com 的“投資者關係”部分找到它。今天的電話會議（包括問答環節）將進行網路直播，您也可以透過我們網站 insight.com 的投資者關係頁面存取。會議結束後約 2 小時，我們將提供會議錄音存檔，並將在我們網站上保留一段時間。

This conference call and the associated webcast contain time sensitive information that is accurate only as of today, October 30th, 2025. This call is the property of Insight Enterprises. Any redistribution, re-transmission, or rebroadcast of this call in any form without the express written consent of Insight Enterprises is strictly prohibited. In today's conference call, we will be referring to non-GAAP financial measures as we discuss the Third quarter 2025 financial results. When discussing non-GAAP measures, we will refer to them as adjusted. You will find a reconciliation of these adjusted measures to our actual GAAP results included in both the press release and the accompanying slide presentation issued earlier today. Please note that all growth comparisons we make on the call today relate to the corresponding period of last year unless otherwise noted.

本次電話會議及相關網路直播包含時效性訊息，僅截至 2025 年 10 月 30 日有效。本次通話屬於 Insight Enterprises 所有。未經 Insight Enterprises 的明確書面同意，嚴禁以任何形式重新分發、重新傳輸或重新廣播本次通話。在今天的電話會議中，我們將參考非GAAP財務指標來討論2025年第三季的財務表現。在討論非GAAP指標時，我們將稱之為調整後的指標。您可以在今天早些時候發布的新聞稿和隨附的幻燈片簡報中找到這些調整後指標與我們實際 GAAP 結果的調整表。請注意，除非另有說明，我們今天在電話會議上所做的所有成長比較均與去年同期相關。

Also, unless highlighted as constant currency, all amounts and growth rates discussed are in US dollar terms. As a reminder, all forward-looking statements that are made during this conference call are subject to risks and uncertainties that could cause our actual results to differ materially.

此外，除非特別註明為固定匯率，否則所有討論的金額和成長率均以美元計價。再次提醒各位，本次電話會議中所有前瞻性陳述均存在風險和不確定性，可能導致我們的實際結果與預期結果有重大差異。

These risks are discussed in today's press release and in greater detail in our most recently filed periodic reports and subsequent filings with the SEC. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update any forward-looking statement made on this call, whether as a result of new information, future events, or otherwise. With that, I will now turn the call over to Joyce, and if you're following along with our slide presentation, we will begin on slide four. Joyce.

這些風險在今天的新聞稿中進行了討論，並在我們最近提交的定期報告和隨後向美國證券交易委員會提交的文件中進行了更詳細的討論。所有前瞻性陳述均截至本次電話會議之日，除法律要求外，我們不承擔因新資訊、未來事件或其他原因而更新本次電話會議中作出的任何前瞻性陳述的義務。接下來，我將把電話交給喬伊斯，如果您正在跟著我們的幻燈片演示，我們將從第四張幻燈片開始。喬伊斯。

Thank you very much, Ryan. Good morning, everyone, and thank you for joining us today. In Q3, we grew adjusted earnings from operations in every geography and delivered 11% growth in adjusted diluted earnings per share, in line with our expectations.

非常感謝你，瑞恩。各位早安，感謝大家今天收看我們的節目。第三季度，我們所有地區的調整後營業收入均有所成長，調整後稀釋每股盈餘成長了 11%，符合我們的預期。

Commercial revenue was up for the 6th consecutive quarter, and we delivered record gross margin. Additionally, cloud gross profit was above our expectations, and we continued to manage our adjusted expenses well. These results were offset by lower than expected gross profit performance in core services and hardware.

商業收入連續第六個季度成長，毛利率也創下歷史新高。此外，雲端業務毛利超出預期，我們繼續很好地控制了調整後的費用。核心服務和硬體業務的毛利低於預期，抵銷了上述業績。

Specifically, in the quarter, overall revenue was down 4%, driven by the netting impact of on-prem software migrating to cloud. Our influence with partners and clients continues to expand, which you can see on our balance sheet.

具體而言，本季整體營收下降了 4%，主要原因是本地軟體遷移到雲端帶來的淨影響。我們在合作夥伴和客戶中的影響力不斷擴大，這可以從我們的資產負債表中看出。

Revenue from our commercial clients grew 5%, offset by a decline in corporate and large enterprise clients.

來自商業客戶的收入成長了 5%，但被企業和大型企業客戶的減少所抵消。

The subdued demand from our large clients also impacted insight core services revenue, which was down 3%. Macro and technology uncertainty continued to delay decision making and spending in this client group.

來自大客戶的需求疲軟也影響了洞察核心服務的收入，該收入下降了 3%。宏觀經濟和技術方面的不確定性繼續延緩了該客戶群的決策和支出。

However, we are encouraged by the strength of our services bookings in Q3.

然而，第三季服務預訂的強勁勢頭令我們倍感鼓舞。

Hardware revenue grew 1% with growth in both infrastructure and devices. Cloud gross profit increased 7% and was ahead of our expectations, driven by double-digit growth in SA and infrastructure as a service.

硬體收入成長1%，基礎設施和設備業務均實現成長。雲端運算毛利成長了 7%，超出了我們的預期，這主要得益於 SA 和基礎設施即服務兩位數的成長。

This performance was partially offset by the partner program changes we've previously discussed. As we exit 2025, we believe this impact will be largely behind us.

我們之前討論過的合作夥伴計劃變更部分抵銷了這一業績。我們相信，到 2025 年結束時，這種影響將基本過去。

We expanded total growth margin again this quarter to a record 21.7%, and by prudently managing our adjusted expenses, we delivered adjusted earnings from operations growth and adjusted earnings per share growth of 11%.

本季度，我們的總成長利潤率再次擴大至創紀錄的 21.7%，並且透過謹慎管理調整後的費用，我們實現了調整後營業收入成長和調整後每股收益成長 11%。

We are pleased with the structural improvements we are making to our services business and the performance of the services practices we have acquired over the past two years.

我們對服務業務的結構改進以及過去兩年中收購的服務業務的績效感到滿意。

Incorporating best practices from these acquisitions is the foundation of our services growth strategy that we've been working on for the past few quarters.

將這些收購中的最佳實踐融入我們的服務成長策略中，是我們過去幾季一直在努力推進的策略的基礎。

First, over the past two quarters, we have added new leaders to our services business. Second, we have implemented a more disciplined and repeatable methodology. This framework simplifies our offers, increases delivery consistency and speed to outcome, and has already resulted in increased partner leads and bookings.

首先，在過去的兩個季度裡，我們為服務業務增添了新的領導者。其次，我們實施了更規範和可重複的方法。該框架簡化了我們的產品/服務，提高了交付的一致性和速度，並已帶來了更多合作夥伴線索和預訂。

Third, we are expanding our pipeline of cross-sell opportunities across our various practice areas. This reinforces our solutions in a greater strategy and unlocks the potential from both new and existing customers.

第三，我們正在擴大各業務領域的交叉銷售機會。這使我們的解決方案在更大的策略中得到強化，並釋放了新舊客戶的潛力。

Most importantly, AI is top of mind for our clients. There is widespread interest in our solutions as our clients move out of experimentation mode and into projects to go after new use cases and value creation. Our strength in the hyperscalar platforms, security, data, and business consulting positions us well for this emerging market. We are investing in an aggressive approach to seize this market opportunity with dedicated selling resources and unique IP to accelerate time to value for our clients.

最重要的是，人工智慧是我們的客戶最關注的問題。隨著客戶從實驗階段過渡到專案階段，尋求新的用例和價值創造，我們的解決方案受到了廣泛的關注。我們在超大規模平台、安全、數據和商業諮詢方面的優勢，使我們在這個新興市場中佔據了有利地位。我們正積極投資，利用專門的銷售資源和獨特的智慧財產權，抓住這項市場機遇，並加速為客戶創造價值的速度。

We have made progress on our own internal AI transformation as well and plan on leveraging this to have insight become our best reference case to utilize with our clients.

我們本身在人工智慧轉型方面也取得了進展，並計劃利用這一成果，使洞察力成為我們與客戶合作的最佳參考案例。

We will introduce our insight AI offerings in the next few weeks and we'll highlight specific AI capabilities, governance, training, and IP to help determine client ROI and prioritization among other assets. Clients need help figuring this out, and we are the partner to do it.

我們將在接下來的幾週內推出我們的洞察人工智慧產品，並重點介紹具體的人工智慧功能、治理、培訓和智慧財產權，以幫助客戶確定投資回報率和優先順序等資產。客戶需要幫助來解決這個問題，而我們就是能夠幫助他們的合作夥伴。

Services are critical to our strategy. We continue to invest in expanding our advisory, business transformation, data, and cybersecurity capabilities to deliver solutions our clients need.

服務對我們的策略至關重要。我們將繼續投資，擴大我們在諮詢、業務轉型、數據和網路安全方面的能力，以提供客戶所需的解決方案。

Earlier this month, we announced the acquisition of the Inspire 11, a North America data and AI services consultancy recognized for its outcome-driven approach.

本月初，我們宣布收購了 Inspire 11，這是一家北美數據和人工智慧服務諮詢公司，以其以結果為導向的方法而聞名。

An example of the capabilities Inspire 11 brings us is their work with Thompson Machinery, which delivers heavy equipment solutions to keep industries like construction, mining, and agriculture moving forward. Thompson Machinery partnered with Inspire 11 to transform how they manage their extensive rental fleet and make data a competitive asset. Together they created Rentel, a predictive AI-powered platform that converts raw operational data into actionable intelligence. The platform optimizes fleet decisions by helping leaders quickly decide which equipment to buy, sell, or transfer, and provides real-time insight into utilization and financial performance. The platform also provides a financial value tied to each decision. What once required manual analysis now happens instantly, empowering better and faster decisions across the organization.

Inspire 11 的強大功能體現在它與 Thompson Machinery 的合作中，Thompson Machinery 提供重型設備解決方案，以推動建築、採礦和農業等行業的進步。Thompson Machinery 與 Inspire 11 合作，改變了他們管理龐大租賃車隊的方式，並將數據轉化為競爭優勢。他們共同創建了 Rentel，這是一個由人工智慧驅動的預測平台，可以將原始營運數據轉化為可操作的情報。該平台透過幫助領導者快速決定購買、出售或轉讓哪些設備來優化車隊決策，並提供有關利用率和財務績效的即時見解。該平台還會為每個決策提供與其相關的財務價值。以前需要人工分析的工作現在可以即時完成，使整個組織能夠更快、更好地做出決策。

As a result, Thompson Machinery is operating with greater agility, higher utilization, and stronger return on assets, turning a historically operational process into a driver of growth.

因此，湯普森機械公司以​​更高的靈活性、更高的利用率和更強的資產回報率進行運營，將歷史上的營運流程轉變為成長的驅動力。

The ability to offer AI enabled solutions across our portfolio is essential to delivering the outcomes our clients require.

在我們的產品組合中提供人工智慧解決方案的能力，對於實現客戶所需的結果至關重要。

Importantly, outcomes like these require modern infrastructure, an area where we have significant expertise and deep relationships with partners.

重要的是，這樣的成果需要現代化的基礎設施，而我們在這領域擁有豐富的專業知識，並與合作夥伴建立了深厚的關係。

As an example, GTT is a leading player in the global telecommunications and networking space and has one of the world's largest internet backbones. This client is in the middle of a paradigm shift with AI. We've been chosen as their partner in a strategic collaboration with Nvidia to implement a comprehensive AI-powered architecture built on 3 core pillars. Transforming the customer experience, accelerating new product innovation with AI-driven insights, and scaling employee productivity through generative and genetic AI.

例如，GTT是全球電信和網路領域的領導企業，擁有全球最大的網路骨幹網路之一。這位客戶正處於人工智慧範式轉變的關鍵時期。我們被選為英偉達的策略夥伴，共同實施基於三大核心支柱的全面人工智慧架構。透過人工智慧驅動的洞察，改變客戶體驗，加速新產品創新，並透過生成式和基因人工智慧提高員工生產力。

With our support in integrating a complex ecosystem of hardware, software, and services, GTT is rapidly moving from AI enabled vision to production ready value, creating a powerful competitive advantage.

在我們的支持下，GTT 整合了複雜的硬體、軟體和服務生態系統，正在迅速從人工智慧賦能的視覺轉向可投入生產的價值，從而創造了強大的競爭優勢。

And since security is top of mind for all clients, we have expanded our security portfolio. Last week we signed a definitive agreement to acquire Sekuro, a global provider of cybersecurity services for enterprise and government clients across the AIPAC region with a strong presence in Australia. Sekuro was named CrowdStrike's APJ Partner of the Year and earned numerous prestigious cybersecurity accolades. Security remains a top priority for our clients, and we are excited to expand our capabilities, especially as clients adopt AI.

由於安全是所有客戶最關心的問題，我們擴大了安全產品組合。上週，我們簽署了一項最終協議，收購 Sekuro，這是一家為 AIPAC 地區的企業和政府客戶提供網路安全服務的全球供應商，在澳洲擁有強大的業務。Sekuro 被 CrowdStrike 評為亞太及日本地區年度合作夥伴，並獲得了許多享有盛譽的網路安全獎項。安全仍然是我們客戶的首要考慮因素，我們很高興能夠擴展我們的能力，尤其是在客戶採用人工智慧的情況下。

Inspire 11 and Sekuro support our ambition to become the leading AI first solutions integrator as they bolster our capabilities in designing, building, deploying, and managing solutions to support our clients' transformations, increase our pool of technical resources focused on security, data and AI, and drive cross all opportunities in our broad global client base.

Inspire 11 和 Sekuro 協助我們實現成為領先的 AI 優先解決方案整合商的願景，它們增強了我們在設計、建置、部署和管理解決方案方面的能力，以支援客戶的轉型，增加我們專注於安全、數據和 AI 的技術資源，並推動我們在廣泛的全球客戶群中抓住所有機會。

Our partner ecosystem is fundamental to our success and a key enabler of our strategy. These collaborations not only enhance our capabilities across technology platforms and services, but also ensure we remain agile and responsive to evolving market demands. We've recently received a variety of industry and partner recognitions, including Gartner's 2025, Magic Quadrant for public cloud IT transformation services, as well as their emerging market quadrant for generative AI consulting and implementation services.

我們的合作夥伴生態系統對我們的成功至關重要，也是我們策略的關鍵推動因素。這些合作不僅增強了我們在技術平台和服務方面的能力，而且還確保我們能夠保持敏捷性，並對不斷變化的市場需求做出快速反應。我們最近獲得了各種行業和合作夥伴的認可，包括 Gartner 發布的 2025 年公共雲 IT 轉型服務魔力像限報告，以及其生成式 AI 諮詢和實施服務的新興市場象限報告。

Additionally, we were recognized as a major player in IDC's Marketscapes Worldwide Devices of Service 2025 vendor assessment and a premium business partner by Apple.

此外，我們在 IDC 的《2025 年全球服務設備市場展望》供應商評估中被評為主要參與者，並被蘋果公司評為高級業務合作夥伴。

Our teammates deliver the value we create for our clients. We foster a collaborative environment, and Insight continues to be recognized as the best employer by Forbes, Fortune, and great place to work.

我們的團隊成員為客戶創造價值。我們營造協作的工作環境，Insight 也一直被《富比士》、《財星》雜誌評為最佳雇主和最佳工作場所。

This year has been marked by a mix of macro uncertainty and persistent delays in large enterprise spending across the industry, and as we have discussed, the hyperscalar program changes created substantial headwinds we've been mitigating this year.

今年，宏觀經濟情勢不明朗，整個產業的大型企業支出持續延遲，正如我們所討論的，超大規模專案的變化造成了巨大的不利影響，我們今年一直在努力緩解這些影響。

Our updated 2025 guidance reflects continued caution among our large clients. Corporate and enterprise customers continue to grapple with the investment decisions as they explore AI alternatives and deal with ongoing macro uncertainty.

我們更新後的 2025 年指導意見反映了我們的大客戶持續保持謹慎的態度。企業客戶在探索人工智慧替代方案和應對持續的宏觀經濟不確定性的同時，仍在努力做出投資決策。

However, for 2026, while macroeconomic challenges persist, we believe we are positioned for growth. The hyperscalar program changes will be largely behind us. We anticipate the PC refresh cycle will continue into 2026. The improvements in our services businesses are expected to take hold, and AI projects will begin to scale.

然而，對於 2026 年，儘管宏觀經濟挑戰依然存在，但我們相信我們已做好成長的準備。超標量程序的變化將基本成為過去。我們預計個人電腦的更新換代週期將持續到 2026 年。預計我們服務業務的改善將會成效，人工智慧專案也將開始擴大規模。

We're well positioned to drive AI adoption through our broad partner base and technical capabilities. This begins with strong fundamentals policy, governance, security, training, use case prioritization built through our client zeroo approach. Microsoft calls this being a frontier firm, and we're proud to be one.

我們擁有廣泛的合作夥伴基礎和技術能力，因此完全有能力推動人工智慧的普及應用。這始於我們以客戶零基礎為導向的強大基礎政策、治理、安全、培訓和使用案例優先排序。微軟稱之為先鋒企業，我們為此感到自豪。

As we move to deliver faster time to value with AI solutions that feature built-in automation, we expect to transform traditional time and material models into agile, outcome-driven approaches. I am proud of the capabilities we have built, and we are excited to change the game with our clients.

隨著我們利用內建自動化功能的 AI 解決方案更快實現價值，我們期望將傳統的按時計費模式轉變為敏捷的、以結果為導向的方法。我為我們所建立的能力感到自豪，我們很高興能與客戶一起改變遊戲規則。

With that, I'll turn the call over to James.

接下來，我將把電話交給詹姆斯。

Thank you, Joyce, and good morning everyone. Our Q3 results were mixed, with services and hardware performing below expectations, partially offset by outperformance and cloud.

謝謝你，喬伊斯，大家早安。我們第三季的業績喜憂參半，服務和硬體的表現低於預期，但部分被超出預期的雲端業務所抵消。

Combined with disciplined SG&A management, we drove a 5% increase in adjusted earnings from operations and an 11% increase in adjusted earnings per share.

結合嚴格的銷售、一般及行政費用管理，我們實現了調整後營業收入成長 5%，調整後每股收益成長 11%。

Net revenue was $2 billion a decrease of 4%. The decrease was driven by a 6% decline in product, primarily due to on-prem software, which declined 19% and was a result of partner consolidation last year that shifted gross product revenue to net agency services.

淨收入為 20 億美元，下降了 4%。下降的主要原因是產品銷售額下降了 6%，這主要是由於本地部署軟體銷售額下降了 19%，而本地部署軟體銷售額下降 19% 是去年合作夥伴整合的結果，整合導致毛產品收入轉移到了淨代理服務收入。

Hardware revenue increased 1%, the third consecutive quarter of growth, though below our expectations compared to earlier in the year.

硬體營收成長1%，連續第三個季度實現成長，但低於今年稍早的預期。

Gross profit was flat with mixed performance. Hardware gross profit was down 5%, reflecting pricing, mixed, and a challenging compare to MIA. Hardware gross margin was flat sequentially.

毛利持平，業績表現參差不齊。硬體毛利下降了 5%，反映出定價策略喜憂參半，以及與 MIA 相比的挑戰性。硬體毛利率季持平。

Insight Core Services' gross profit was $79 million a decrease of 3%, primarily due to a decline in large enterprise client spending.

Insight Core Services 的毛利為 7,900 萬美元，下降了 3%，主要原因是大型企業客戶的支出下降。

Cloud gross profit was $130 million an increase of 7% with growth in both SA and infrastructure as a service partially offset by the partner program changes we've previously discussed.

雲端業務毛利為 1.3 億美元，成長 7%，其中軟體架構和基礎設施即服務 (IaaS) 的成長部分被我們之前討論過的合作夥伴計畫變更所抵消。

Gross margin was 21.7%, an increase of 100 basis points due to mix.

毛利率為 21.7%，由於產品組合調整，成長了 100 個基點。

Adjusted SG&A declined 1%, driven by prudent expense management.

調整後的銷售、一般及行政費用下降了 1%，這得益於審慎的費用管理。

This resulted in adjusted EBITDA of $137 million up 6%, while margin expanded 60 basis points to 6.8%. And adjusted diluted earnings per share were $2.43 up 11%.

這使得調整後的 EBITDA 達到 1.37 億美元，成長 6%，同時利潤率成長 60 個基點至 6.8%。經調整後的稀釋每股收益為 2.43 美元，成長 11%。

For the quarter, we generated $249 million in cash flow from operations.

本季度，我們的經營活動產生了 2.49 億美元的現金流。

This strong result is primarily related to working capital requirements between Q2 and Q3, as previously discussed.

如前所述，這項強勁成果主要與第二季和第三季之間的營運資金需求有關。

For the year, we continue to anticipate cash flow from operations in the range of $300miilion to $400 million.

我們預計今年的經營活動現金流將在 3 億至 4 億美元之間。

In Q3, we repurchased approximately $75 million of shares, and as at the end of the quarter, we have $149 million remaining on our share repurchase program. We intend to opportunistically repurchase shares while balancing organic and inorganic investments.

第三季度，我們回購了約 7,500 萬美元的股票，截至季末，我們的股票回購計畫還剩下 1.49 億美元。我們計劃在平衡有機成長和無機成長投資的同時，擇機回購股票。

While we settled $333 million of convertible notes in Q1, we still have approximately 600,000 associated warrants outstanding, which will be settled before the end of the year.

雖然我們在第一季結算了 3.33 億美元的可轉換票據，但我們仍有大約 60 萬份相關的認股權證未償還，這些認股權證將在年底前結算。

During the first three quarters of the year, we settled $3.6 million warrants for $222 million in cash and settled another 900,000 warrants in shares. The net impact of the settlement of the warrants for the year has been reflected in our outstanding diluted share counts.

今年前三個季度，我們以 2.22 億美元現金結算了價值 360 萬美元的認股權證，並以股票結算了另外 90 萬張認股權證。本年度認股權證結算的淨影響已反映在我們的已發行稀釋股份數量中。

Year-to-date, the combined effect of the share repurchases and settlement of the warrants associated with the convert had the effect of reducing our adjusted diluted share count by approximately 2.7 million shares. Subsequent to the end of the quarter, on October 1st, we acquired Inspire 11 for a preliminary cash purchase price of approximately $212 million.

今年迄今為止，股票回購和與可轉換債券相關的認股權證結算的綜合影響，使我們的調整後稀釋股數減少了約 270 萬股。季度結束後，10 月 1 日，我們以約 2.12 億美元的初步現金購買價格收購了 Inspire 11。

The purchase agreement also includes earnout payments which provide an incentive opportunity for sellers of up to $66 million contingent upon Inspire 11 achieving certain EBITDA performance targets through 2027.

該收購協議還包括獲利支付條款，為賣方提供高達 6,600 萬美元的激勵機會，前提是 Inspire 11 在 2027 年之前實現某些 EBITDA 業績目標。

Additionally, on October 16th, we signed an agreement to acquire Sekuro, a global provider of end to end cybersecurity services for an estimated cash purchase price of approximately $AUD130 million. The purchase agreement also includes up to $AUD123 million in earnouts and incentives contingent upon Sekuro achieving certain EBITDA and net revenue performance targets through October 2027.

此外，10 月 16 日，我們簽署了一項協議，以約 1.3 億澳元的現金收購價格收購全球端到端網路安全服務供應商 Sekuro。該收購協議還包括高達 1.23 億澳元的獲利能力和激勵措施，前提是 Sekuro 在 2027 年 10 月之前實現某些 EBITDA 和淨收入業績目標。

We exited Q3 with total debt of approximately $1.4 billion compared to $1.1 billion a year ago. The increase in debt was primarily related to a drawdown on our ABL ahead of the closing of the acquisition of Inspire 11 on October 1st, which is reflected in our ending cash balance.

第三季末，我們的總債務約為 14 億美元，而一年前為 11 億美元。債務增加主要與我們在 10 月 1 日完成 Inspire 11 的收購之前提取 ABL 有關，這反映在我們的期末現金餘額中。

As of the end of Q3, we had access to the full $1.8 billion dollar capacity under our ABL facility, of which approximately $900 million was available. We have ample liquidity to meet our needs.

截至第三季末，我們已可以使用ABL融資機制下的全部18億美元額度，其中約9億美元可用。我們擁有充足的流動資金來滿足我們的需求。

Our adjusted return on invested capital for the trailing 12 months at the end of Q3 was 14.8% compared to 16.3% a year ago, reflecting lower adjusted net income and an increase in invested capital.

截至第三季末，過去 12 個月的調整後投資資本回報率為 14.8%，而去年同期為 16.3%，反映出調整後淨收入下降和投資資本增加。

Looking at our year-to-date performance, gross profit has fallen short of expectations, partially offset by disciplined expense control. Although recent partner program changes have impacted our cloud performance, we continue to make steady progress in pivoting to the corporate and mid-market space and have navigated the partner program change as well.

從今年迄今的業績來看，毛利低於預期，但嚴格的費用控制部分抵消了這一影響。儘管最近的合作夥伴計畫變化影響了我們的雲端效能，但我們在向企業和中端市場轉型方面繼續穩步前進，並且也成功應對了合作夥伴計畫的變化。

Hardware and core services are below our expectations due to muted large enterprise client demand partially offset by multiple quarters of strong commercial growth.

由於大型企業客戶需求疲軟，硬體和核心服務低於預期，儘管連續幾季強勁的商業成長部分抵消了這一影響。

As we think about the rest of 2025, we expect macro uncertainty and have considered the following factors in our guidance.

展望 2025 年剩餘時間，我們預期宏觀經濟存在不確定性，並在我們的預測中考慮了以下因素。

We expect demand with our large clients will improve slightly in Q4.

我們預計第四季大客戶的需求將略有改善。

We believe hardware gross profit will grow modestly in Q4 and will be approximately flat for the year.

我們認為硬體毛利在第四季度將小幅增長，全年毛利將基本持平。

We anticipate cloud performance to continue to grow and now expect cloud gross profits to be flat to slightly up for the year. We still anticipate an approximately $70 million dollar impact for the year related to the partner program changes we have previously discussed.

我們預計雲端效能將繼續成長，現在預計今年雲毛利潤將持平或略有成長。我們仍然預計，與我們之前討論過的合作夥伴計劃變更相關的年度影響約為 7000 萬美元。

Including the recent acquisitions, we expect Core Services will return to growth in Q4, and for the year, Core Services' gross profit will be approximately flat.

包括最近的收購在內，我們預計核心服務將在第四季度恢復成長，並且全年核心服務毛利將基本持平。

Our recent and anticipated acquisitions of Inspire 11 and Sekuro will be primarily accounted for in core services.

我們近期及預期對 Inspire 11 和 Sekuro 的收購將主要計入核心服務領域。

While we expect both to contribute positively to adjusted EBITDA, the impact on adjusted diluted EPS is projected to be slightly diluted due to interest expense.

雖然我們預計這兩項都將對調整後的 EBITDA 做出積極貢獻，但由於利息支出，預計對調整後的稀釋每股收益的影響會略有稀釋。

And we will continue to prudently manage SG&A and expect growth slower than gross profit.

我們將繼續審慎管理銷售、管理及行政費用，並預期成長速度將低於毛利成長速度。

As a reminder, we identified incremental opportunities, including those driven by AI that will deliver improved operating expense leverage over the next 12 months. We continue to execute on that plan.

需要提醒的是，我們發現了一些增量機會，包括人工智慧驅動的機會，這些機會將在未來 12 個月內提高營運費用槓桿率。我們將繼續執行該計劃。

Considering these factors for the full year, our guidance is as follows. We now expect gross profit to be slightly down from 2024 and that our gross margin will be approximately 21%.

考慮到以上因素，我們對全年的業績預期如下。我們現在預計毛利將比 2024 年略有下降，毛利率約為 21%。

And our adjusted diluted earnings per share will be between $9.60 to $9.90.

我們調整後的稀釋每股收益將在 9.60 美元至 9.90 美元之間。

This guidance includes interest and other expenses will be approximately $85 million reflecting incremental interest related to the acquisitions of Inspire 11 and Sekira.

該指導意見包括利息和其他費用，約 8,500 萬美元，反映了與收購 Inspire 11 和 Sekira 相關的增量利息。

An effective tax rate of 25% to 26% for the full year, capital expenditures of approximately $25 million and an average share count for the full year of approximately 32 million shares reflecting the settlement of the remaining warrants associated with our convertible notes.

全年有效稅率為 25% 至 26%，資本支出約為 2,500 萬美元，全年平均股份數約為 3,200 萬股，反映了與我們可轉換票據相關的剩餘認股權證的結算。

This outlook excludes acquisition-related intangible amortization expense of approximately $74 million. The impact from recent acquisitions is not factored into this number.

該展望不包括與收購相關的約 7,400 萬美元的無形資產攤銷費用。該數字尚未計入近期收購的影響。

Assumes no acquisition related costs, severance, and restructuring or transformation expenses, and assumes no change in our debt instruments and no meaningful change in the macroeconomic outlook either as a result of tariffs or otherwise.

假設沒有收購相關成本、遣散費、重組或轉型費用，並假設我們的債務工具沒有變化，宏觀經濟前景也沒有因關稅或其他原因而發生實質變化。

I will now turn the call back to Joyce.

現在我將把電話轉回給喬伊斯。

Thank you, James. As we work to close out this year, 2025 has been challenging, and we have navigated some of the most difficult business changes in recent memory. We faced macro headwinds, evolving client needs, and significant program changes.

謝謝你，詹姆斯。在努力結束今年之際，2025 年充滿挑戰，我們經歷了近年來最艱難的一些商業變革。我們面臨著宏觀經濟逆風、不斷變化的客戶需求以及重大的專案變更。

I believe it's exactly in these environments that strong companies distinguish themselves. We've been busy retooling our team, sharpening our focus, driving efficiencies, and preparing for the emerging AI opportunities.

我認為正是在這樣的環境中，強大的公司才能脫穎而出。我們一直在忙於重組團隊、明確重點、提高效率，並為新興的人工智慧機會做好準備。

As we look to 2026, we are positioned very well to take advantage of the changing landscape. We are proud of the underlying strength and profitability of this business. This gives us a clear runway to demonstrate the power of our business model, portfolio of solutions, and our expertise. Our future is bright.

展望2026年，我們已做好充分準備，能夠充分利用不斷變化的市場環境。我們為這家企業的潛在實力和獲利能力感到自豪。這為我們提供了一個清晰的平台，來展示我們的商業模式、解決方案組合和專業知識的實力。我們的未來一片光明。

As you may have seen in the 8K filing this morning, the board and I have been talking about my retirement from Insight since the beginning of the year. We began the process of preparing for an orderly transition in earnest earlier this year when we engaged a search firm. Our next step is to begin a public external search for my successor, given the AI opportunity in front of us and the transformation required. I fully expect that between now and when we name the next CEO of Insight. We will continue to make progress towards delivering on the promise of becoming the leading AI solutions integrator. I will ensure a smooth transition and then we'll continue on as an advisor to the new CEO.

正如您今天早上在 8K 文件中可能看到的那樣，從年初開始，我和董事會就一直在討論我從 Insight 退休的事宜。今年年初，我們聘請了一家獵人頭公司，正式開始為有序過渡做準備。鑑於我們面前的人工智慧機會和所需的變革，我們的下一步是開始公開外部招募我的繼任者。我完全預期，從現在到我們任命 Insight 的下一任 CEO 之間會發生這種情況。我們將繼續努力，兌現成為領先的人工智慧解決方案整合商的承諾。我將確保平穩過渡，之後我們將繼續擔任新任執行長的顧問。

I want to thank our teammates for their unwavering commitment to our clients, partners, and each other, our clients for trusting insight to help them with their transformational journeys, and our partners for their continued collaboration and support in delivering innovative solutions to our clients.

我要感謝我們的團隊成員對客戶、合作夥伴以及彼此的堅定承諾，感謝我們的客戶信任我們的洞察力，幫助他們實現轉型之旅，感謝我們的合作夥伴在為客戶提供創新解決方案方面持續的合作與支持。

This concludes my comments, and we will now open the line for your questions.

我的發言到此結束，現在我們將開放提問環節。

(Operator Instruction) Joseph Cardoso, JP Morgan.

（操作員指示）Joseph Cardoso，摩根大通。

Hey, good morning, everyone.

嘿，大家早安。

Thank you for the questions. Maybe for my first, obviously ticking down the guide here in the back half, was hoping if we could have help understanding what's behind the shift in the outlook here, maybe specifically can you give us an update on how the large project headwinds to court services are tracking today? Are they tracking better or worse? And then it also sounds like on the hardware side it's a bit more sluggish than you expected 90 days ago. Can you provide any more color on the drivers behind that as well and what's kind of triangulating this more muted view there and then I have a follow-up.

謝謝大家的提問。或許我的第一個問題是，顯然我正在閱讀指南的後半部分，我希望能夠得到幫助，了解這種前景轉變背後的原因，特別是您能否具體地向我們介紹一下目前法院服務面臨的大型項目阻力進展如何？他們的追蹤情況是好轉了還是惡化了？而且聽起來硬體方面也比你90天前預期的要慢一些。您能否提供更多關於後面駕駛員的信息，以及是什麼因素導致了這種較為柔和的視角？我還有一個後續問題。

Thank you.

謝謝。

So I'll start, so good morning Joe thanks for the question. So you know I think what we have been seeing is enterprises, large enterprises grappling with this, a change in kind of how their IT budgets are being allocated. And the macro uncertainty so they're trying to figure out how to pay for the cloud bills that they have. There's some increases in some other, some of the the software that they've been buying in terms of pricing, and they're trying to make sure that they can allocate. A investment to AI so they're all they're sort of reprioritizing their spend and they're taking a bit longer to engage in big services projects. We are really encouraged by the bookings that we're seeing in services and we feel like that's that's turning. But it has been, it's been really slow as we've been talking about this whole year, on the hardware side, it is a little bit of the same story. I mean they're trying to figure out how to prioritize their budgets in the most effective way, they are wondering and thinking through kind of what their long-term investment strategies are going to be around PCs as they TRY to. Understand kind of what's going on with their headcount projections, etc. Again, related to AI and also the macro trends. So, you're right, hardware is a little slower that we were expecting a bit more uptick in the enterprise customers. We think that still is coming, but we believe it's just, it, there's we've seen continued delays.

那我就先開始了，早安喬，謝謝你的提問。所以，我認為我們一直看到的是，大型企業正在努力應對這個問題，他們的 IT 預算分配方式正在改變。由於宏觀經濟情勢不明朗，他們正努力想辦法支付雲端服務費用。他們購買的一些其他軟體的價格有所上漲，他們正在努力確保能夠分配這些資金。他們對人工智慧進行投資，因此他們正在重新調整支出優先級，並且需要更長的時間才能進行大型服務項目。我們對目前的服務預訂感到非常鼓舞，感覺情況正在好轉。但正如我們今年一直在討論的那樣，硬體方面進展非常緩慢，情況也有些類似。我的意思是，他們正在努力弄清楚如何以最有效的方式安排預算的優先順序，他們正在思考和琢磨圍繞個人電腦的長期投資策略，因為他們正在嘗試這樣做。了解他們的人員編制預測等方面的情況。同樣，這與人工智慧以及宏觀趨勢有關。所以，你說得對，硬體速度比我們預期的要慢一些，企業客戶的成長速度也應該更快一些。我們認為它仍然會到來，但我們相信只是，我們已經看到持續的延誤。

No, God, I appreciate the color choice. And then maybe just on the other side, cloud gross profit returning to mid to high single-digit growth here in the quarter on a gross profit basis, just curious though, how does that growth look like X the partner changes? I think the last couple of quarters you were in kind of the mid to high 10s. Is that where we're tracking this quarter as well? And then how should we think about, approaching year end going into next year, is that underlying growth rate what we should be kind of aiming for in terms of the growth of this business, particularly now that we should be cycling past the easier comps or what other variables should we be considering there?

不，上帝，我很欣賞這個顏色選擇。然後，或許在另一方面，本季雲端業務的毛利將恢復到中高個位數成長，但我很好奇，如果合作夥伴發生變化，這種成長會如何？我認為過去幾季你的排名都在10%到10%之間。本季我們也將重點關注這一點嗎？那麼，在接近年底進入明年之際，我們該如何看待這個問題呢？這個潛在的成長率是否是我們在這個業務成長方面應該追求的目標，尤其是在我們現在應該已經度過了相對容易的比較年之後？或者我們應該考慮哪些其他變數？

Yeah, hey Joe, thanks for the question. It's James. Yeah, the underlying growth in cloud has been is in Q3 was similar to what it's been all year. It's been in the higher 10s level again in in Q3, really. Ultimately we're really pleased with the pivot that we've undertaken this year around the cloud business. As we head into next year, as we head into Q4, as we've mentioned, the $70 million dollar gross headwind largely normalizes as we exit Q4. There's still a little bit of an overhang into it into 26. I am not ready to guide 26, but just as a rough indication, what we would expect is that underlying growth that we're seeing would largely show through into into next year.

嗨，喬，謝謝你的提問。是詹姆斯。是的，第三季雲端運算的潛在成長與全年的情況類似。第三季度，它又一次徘徊在10%以上的水平。總而言之，我們對今年圍繞雲端運算業務所做的轉型感到非常滿意。隨著我們進入明年，進入第四季度，正如我們之前提到的，7000萬美元的毛利不利因素將在第四季度末基本恢復正常。到 26 號還有一點懸垂。我不准備對 26 日做出預測，但粗略估計，我們目前看到的潛在成長勢頭將很大程度上延續到明年。

So I think it returns largely to what we've been historically, and I think it leads all areas of growth for us into next year.

所以我認為它很大程度上恢復了我們歷史上一直保持的狀態，而且我認為它將引領我們明年在各個領域實現成長。

No, got it, James.

明白了，詹姆斯。

Thank you for the insights there and that's it for me and congrats Joyce on the retirement.

感謝您提供的寶貴見解，我的話就說到這裡，恭喜喬伊斯退休。

Thanks.

謝謝。

(Operator Instruction) Adam Tyndall, Raymond James.

（操作說明）亞當·廷德爾，雷蒙德·詹姆斯。

Okay, thanks. Good morning and early congrats, Joyce. I just wanted to start with the two acquisitions and maybe a bigger picture question on those. And if I add them up, it's more than $300 million in capital deployment and compare that to your current market cap, you could make an argument you could buy back 10% of the company or so. I just, was wondering how you thought about those acquisitions given they're, I think currently dilutive relative to a share repurchase and bigger picture how you're thinking about cap allocation going forward. Thanks.

好的，謝謝。早上好，並提前祝賀你，喬伊斯。我只想先談談這兩項收購，以及可能與此相關的一個更宏觀的問題。如果我把它們加起來，資本投入超過 3 億美元，與你目前的市值相比，你可以說你可以回購公司 10% 左右的股份。我只是想知道，鑑於我認為這些收購目前相對於股票回購會稀釋股權，以及從更宏觀的角度來看，您是如何考慮未來的資本分配的，您是如何看待這些收購的。謝謝。

So why don't I start with the strategic piece and then I'll turn it over to James on the capital allocation piece so we we thought long and hard about this and of course we understand the dynamics that you just talked about Adam. Look, we believe that AI is not going to wait, the ability to actually deliver outcomes and understand how to sell AI to not only not only the IT team but also to the business users and the business unit leaders across our clients is increased. Important something like 65% of those decisions are being made outside of the IT department, and the other thing that's dramatically changing with AI is much more focused on outcomes based pricing, for example, and less I think we're going to see a significant move away from time and material.

那麼，我先從策略方面談起，然後再把資本配置的問題交給 James 來談。我們對此進行了長時間的深入思考，當然，我們也理解你剛才提到的動態，Adam。我們相信人工智慧不會等待，我們能夠真正交付成果，並且了解如何向客戶的 IT 團隊、業務用戶和業務部門領導推銷人工智慧，這方面的能力正在不斷提高。值得注意的是，大約 65% 的決策都是在 IT 部門之外做出的，而人工智慧正在發生巨大變化的另一件事是，它更加註重基於結果的定價，例如，我認為我們將看到按時間和材料計費的方式發生重大轉變。

Insight, was really excited about Inspire 11 because, it is an outcome outcome based consultancy, that is very data oriented, with really strong skills, very specific outcomes, and it's a capability that adds to our overall portfolio. We also have seen as we've looked really carefully at the work we're doing in EMEA with a very small. Acquisition that we did about a year and a half ago, we have NWT it was called, it is called, and we've seen really spectacular pull through of the rest of the portfolio with that sort of tip of the spear advisory capability so we we're replicating that model in North America and we have we have a lot of excitement and a lot of enthusiasm around these capabilities with our clients.

Insight 對 Inspire 11 感到非常興奮，因為它是一家以結果為導向的顧問公司，非常注重數據，擁有非常強大的技能和非常具體的成果，而且它的能力也增強了我們的整體產品組合。我們也仔細檢視了我們在歐洲、中東和非洲地區所做的工作，發現我們的規模非常小。大約一年半前，我們收購了 NWT 公司，現在它仍然叫 NWT。我們看到，憑藉著這種頂尖的諮詢能力，我們投資組合的其他部分也取得了非常顯著的成效。因此，我們正在北美複製這種模式，我們的客戶對這些能力感到非常興奮和熱情。

So that is the strategic rationale around Inspire 11. We've been working really really hard on security to expand our security capabilities because security also isn't going anywhere. It's a very significant growth opportunity. We know we had, we know we've been talking about it for years that we needed to augment our security capabilities. Securero is a way for us to do that, really convin really exciting. Opportunity we've looked at lots and lots and lots and lots of security companies over the years so we think that you know there's a certain timing element to M&A and if you find a great company that's making money and has happy clients and has a little bit of IP like Sekuro, we are very excited to add that to our portfolio all in. We think these are two areas that are going to fuel our growth going forward, and while we recognize the multiple issues that you mentioned, we think you still got to focus on delivering long-term value to shareholders.

這就是 Inspire 11 的策略理念。我們一直在努力提升安全能力，因為安全問題不會消失。這是一個非常重要的成長機會。我們知道，多年來我們一直在討論，我們需要加強我們的安全能力。Securero 為我們提供了一種實現這一目標的方法，這真的很令人信服，也很令人興奮。機會：多年來，我們考察過無數的安防公司，所以我們認為，併購有一定的時機因素。如果你找到一家像 Sekuro 這樣獲利、擁有滿意客戶、並擁有一些智慧財產權的優秀公司，我們會非常高興地將其全部納入我們的投資組合。我們認為這兩個領域將推動我們未來的發展，雖然我們認識到您提到的許多問題，但我們認為您仍然需要專注於為股東創造長期價值。

Yeah, and Joe, I just to add to that, that's exactly the way we think about this when we look at M&A, obviously the strategic lens, but then what generates the greater long-term value that that clearly factors into into the calculus when we do M&A. As I think about this year, to answer your question in terms of evaluation of M&A versus share buybacks, I think we've been very balanced this year. If I look at it, we've done $150 million of direct share repurchases this year. We've also used cash to settle the warrants, and this has manifested itself in a reduction of outstanding share count by almost $3 million. That's about 10%. A reduction in share count year over year. So I think as I look at our capital allocation this year, it's been quite balanced with with both M&A and what we've done to reduce share accounts. Long-term priorities, I think when I think about capital allocation, the long-term priorities don't change.

是的，喬，我還要補充一點，這正是我們在考慮併購時所考慮的，當然要從戰略角度出發，但更重要的是，什麼能產生更大的長期價值，這顯然是我們進行併購時需要考慮的因素。回顧今年，要回答你關於併購與股票回購評估的問題，我認為我們今年做得非常平衡。如果我看一下，我們今年已經進行了1.5億美元的直接股票回購。我們也用現金結算了認股權證，這使得流通股數量減少了近 300 萬美元。大約是10%。股票數量較去年同期下降。所以我覺得，從我們今年的資本配置來看，在併購和減少股份帳戶方面都相當平衡。我認為，在考慮資本配置時，長期優先事項是不會改變的。

M&A is still absolutely critical to to to the strategy and where we're going. So as we look at this over a longer-term lens, it'll still be still be the primary use of capital.

併購對於我們的策略和發展方向仍然至關重要。因此，從長遠來看，它仍然會是資本的主要用途。

We will always opportunistically repurchase shares, and that that will always be in my in my capital allocation strategy. In the shorter term, to be more descriptive in the shorter term, I'm aware of where we are from a debt debt leverage standpoint. So in the shorter term, my priority is probably to pay down debt. But however, we're going to be very balanced in terms of this, and we remain, I think we keep our optionality. So in the shorter term we have the ability to do share repurchases, we have the ability to do M&A. But as I think about this, I'm very careful around around managing the debt profile of the company as well. But long-term, long-term M&A is still is still the primary use of capital.

我們會始終抓住機會回購股票，這始終是我資本配置策略的一部分。就短期而言，更確切地說，就短期而言，我清楚我們目前在債務槓桿方面的位置。所以短期內，我的首要任務可能是償還債務。但是，我們會在這方面保持非常平衡的態度，而且我認為我們會保留我們的選擇。因此，短期內我們有能力進行股票回購，我們有能力進行併購。但仔細想想，我在管理公司的債務狀況方面也非常謹慎。但從長遠來看，長期併購仍是資本的主要用途。

And I think.

我想。

Sorry, Adam, one more thing we expect both of these to be accretive by the end of the year.

抱歉，亞當，還有一件事，我們預計這兩項到年底都會帶來收益。

From an end of end of next year.

從明年年底開始。

Yeah.

是的。

Yeah, within actually with these two acquisitions from an EPS standpoint we would expect them to be a creative, within the four quarters, and then from an EEA standpoint they're obviously a creative from from from day one.

是的，從每股盈餘的角度來看，我們預計這兩項收購將在未來四個季度內帶來創新；而從歐洲經濟區的角度來看，它們顯然從一開始就帶來了創新。

Got it. Okay, perfect. And maybe just as a follow-up, Joyce double clicking on the services commentary, it's just not as clear to me. You talked about you know the willing or desire to scale more in that business, which makes sense. And then we're talking about moving from time and materials to outcomes based as I think about outcomes based services businesses, those are typically harder to scale because every project is different. Maybe just double click on, the scale aspect of the services and then secondly, the changes, from a management perspective, is that going to drive maybe additional opportunities to change either KPIs or or compensation metrics and things like that. Thanks.

知道了。好的，完美。或許作為後續補充，Joyce 雙擊了服務評論，但我還是不太明白。你提到過你希望或渴望擴大業務規模，這很有道理。然後，我們討論的是從按時間和材料計費轉向按結果計費，因為我認為按結果計費的服務型企業通常更難擴大規模，因為每個項目都不同。或許只需雙擊一下，即可了解服務的規模面向；其次，從管理角度來看，這些變化是否會帶來更多改變關鍵績效指標或薪酬指標等的機會。謝謝。

Yeah, so, the discipline and the methodology that I talked about earlier, which is the, so there's a few points. One is the leadership changes that we've driven a lot of those are taking tried and true leaders and putting them in different parts of the business in order to drive the same kind of discipline, the same kind of methodology, the same kind of scale that we've seen in. For example, our info centerer, acquisition, which has been a tremendous asset for us and a great success, we've also added a brand new leader of our infrastructure business which is really important to us and we're excited about that. So there's leadership, there's discipline methodology and the methodology that we're talking about, and we'll talk a lot more about this when we release our AI capabilities that I mentioned a couple. A little bit earlier, but, it is really around making sure that we have defined outcomes and those outcomes are going to be tweaked a little bit as you've noted for by for each customer, but we're really simplifying our offers in a way that we can drive the the repeatability of of administering those offers across our entire set of customers. So for example we have. Adopted this to the technology and I can spend more time on it, but, to deliver something called a radius for AI radius is what we use it it's a disciplined assessment with a set of deliverables we use it every single time across our portfolio now to start start work and deliver proof of concepts, but then actually MVPs really quickly and then we follow that on with. Something we've talked about is Devop internally, which is an optimization program to deliver a roadmap. We're finding that when we adopt that info centerer type technology, we're really able to scale the business. It improves the profitability, but most importantly, it improves the time to value for our clients, and it delivers specific KPIs. So that's that's kind that's what we're talking about when we talk about this much more disciplined and simplified methodology, and that does allow us to scale. On, in terms of KPIs, we do know that we will likely be working on updates to our KPIs for next year. James talked about, putting together an investor day next year sometime. And we will be doing that and we will update our KPIs for not only our teammates but also for investors at that time.

是的，所以，我之前提到的紀律和方法，也就是，有幾點。一是領導層變革，我們推動了許多變革，其中許多變革都是將久經考驗的領導者安排到業務的不同部門，以推動同樣的紀律、同樣的方法論、同樣的規模，正如我們在其他地方看到的那樣。例如，我們收購的資訊中心對我們來說是一項巨大的資產，並且取得了巨大的成功；此外，我們還為基礎設施業務增添了一位全新的領導者，這對我們來說非常重要，我們對此感到非常興奮。所以這裡有領導力、紀律方法論以及我們正在討論的方法論，當我們發布我剛才提到的AI功能時，我們會對此進行更詳細的討論。稍微早一點，但實際上，關鍵在於確保我們明確了結果，正如您所指出的，這些結果會根據每個客戶的情況進行一些調整，但我們確實在簡化我們的優惠，以便能夠提高我們向所有客戶群體提供這些優惠的可重複性。例如，我們有：我將這項技術應用到專案中，我可以投入更多時間，但是，為了交付所謂的 AI 半徑，我們使用它，它是一種有條理的評估，包含一系列交付成果。我們現在每次都會在我們的產品組合中使用它來啟動工作並交付概念驗證，然後快速交付 MVP，之後我們再繼續跟進。我們內部討論過 Devop，這​​是一個旨在實現路線圖的最佳化計畫。我們發現，當我們採用資訊中心類型的技術時，我們真的能夠擴大業務規模。它提高了獲利能力，但最重要的是，它縮短了客戶獲得價值的時間，並實現了具體的關鍵績效指標。所以，這就是我們所說的這種更嚴謹和簡化的方法，它確實使我們能夠擴大規模。至於關鍵績效指標方面，我們知道明年我們可能會對關鍵績效指標進行更新。James 談到，他計劃明年某個時候舉辦投資者日活動。屆時，我們將更新我們的關鍵績效指標，不僅是針對我們的團隊成員，也面向投資人。

Hey hey Adam, I would just add around the scale conversation, AI does change the equation around scale too.

嘿，亞當，關於規模的討論，我想補充一點，人工智慧也會改變規模的模式。

Capabilities become really critical and if you look at the acquisitions of both Sekuro and Buyer, they give us capabilities that are really critical to the future. On a scaling side, AI is going to change, I think, as it continues to be adopted. It's going to change the scale required for services business. I mean, yesterday's services business required, really deep presence people wise in terms of locations like in India, etc.

能力變得至關重要，如果你看看對 Sekuro 和 Buyer 的收購，它們為我們帶來了對未來至關重要的能力。我認為，隨著人工智慧的不斷普及，其規模化發展也將會改變。這將改變服務業所需的規模。我的意思是，過去的服務業需要像在印度等地一樣，在人員方面擁有非常深厚的實力。

As we move forward, a scale becomes less relevant to the equation, but the capabilities that you have around AI and data become far more important, and that's what you're seeing us put our M&A dollars to work both both and this. Actually goes back to if you look at info centerer capabilities around Service now, those capabilities are critical. You look at what we've done with MDAs, capabilities are critical there. And so that's what you're seeing us in terms of our capital allocation strategy where we're putting our dollar to work.

隨著我們不斷前進，規模在等式中變得不再那麼重要，但您在人工智慧和數據方面的能力變得更加重要，這就是您現在看到我們將併購資金用於這兩個方面的原因。實際上，如果你查看 Service Now 的資訊中心功能，你會發現這些功能至關重要。看看我們在導彈防禦系統方面所做的工作，能力在其中至關重要。所以，這就是你們現在看到的我們的資本配置策略，我們正在讓每一分錢都發揮作用。

Yeah, disassociating the revenue growth from the people time and materials piece is is the holy grail we've been thinking about and looking for in services for a really long time. And I think with AI we actually start to realize that promise.

是的，將收入成長與人力、時間和材料成本脫鉤，正是我們在服務領域長期以來一直在思考和尋找的終極目標。我認為隨著人工智慧的發展，我們真的開始實現這個承諾了。

Thank you.

謝謝。

(Operator Instruction).

（操作說明）

All right, I think that's it. Okay, thank you very much to everybody, appreciate your questions and interest. We're pretty optim we're very optimistic about the opportunities ahead of us, and I look forward to sharing our continued progress on our journey to become the leading AI first solutions integrator. Thanks, operator. You can close the call. Thanks.

好了，我想就這些了。好的，非常感謝大家，感謝你們的提問和關注。我們對未來的機會非常樂觀，我期待與大家分享我們在成為領先的人工智慧解決方案整合商的旅程中取得的持續進展。謝謝接線生。您可以關閉通話。謝謝。

As we conclude today's call, we'd like to thank everyone for joining Email disconnect your lines.

今天的電話會議即將結束，感謝各位的參與。請斷開您的線路。